Title
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FP-22-06-02, Regency at Babcock Ranch
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Requested Motion/Action
Department Making Request
recommendation
Community Development
Approve a Bond Reduction request and First Amendment to Developer’s Agreement to reduce the amount of the approved surety provided under Bond No. 800148083 in the amount of $10,495,381.56 to $462,169.61 for the completion of the remaining infrastructure for Regency at Babcock Ranch. The site contains 150.96± acres and is generally located south of Bermont Road, north of the County line with Lee County, west of the County line with Glades County and east of Bluebird Trail, in the boundary of the Babcock Ranch Community Development of Regional Impact (DRI) Increment 2, within the East County area. Located in Commission District I.
Quasi-Judicial
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Agenda Item Type
Consent
Budgeted Action:
No action needed.
Background (Why is this Action Necessary, and What Action will be accomplished)
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Background:
On behalf of Toll Southeast LP Company Inc., Kimley-Horn is requesting a Bond Reduction and First Amendment to Developer’s Agreement to reduce the amount of the approved surety for Regency at Babcock Ranch. The subdivision, consisting of 222 lots and 13 tracts, was granted Final Plat approval by the Board of County Commissioners on June 13, 2023. The plat infrastructure was previously bonded through Atlantic Specialty Insurance Company in the amount of $10,495,381.56, which they are requesting be reduced to $462,169.61, consisting of the new Engineer’s Estimate of Probable Cost and 10% bonding amount.
The County Engineer has approved the Engineer’s Opinion of Probable Cost for the new bond amount.
What Action will be accomplished?
If approved, the Developer’s Agreement will be amended. All improvements must be completed per the approved plans to the satisfaction of the County Engineer or a new Developer’s Agreement must be in place and the County will accept the surety provided by Toll Southeast LP Company Inc. (Developer).
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